A Cryptocurrency Bounce Incoming: Is Bitcoin a Good Investment?
Most people anticipate that Bitcoin will continue declining as the SEC worsens things for the cryptocurrency industry. Two indicators, however, suggest the opposite. SEC dampens the cryptocurrency market
The Securities and Exchange Commission (SEC), headed by Gary Gensler, is trying to destroy the cryptocurrency industry. As the SEC targets on/off ramps and major exchanges, a sector that could be considered a challenge to the hegemony of the US dollar is losing a life.
Retail investors who are only in it for the money are fleeing in droves, and it is possible that many cryptocurrencies will not survive due to being classified as securities by the SEC. Other cryptocurrencies may see their growth stunted due to the possibility of SEC action. Bitcoin is still on the rise. Is Bitcoin a good investment? Well, all we can say is that it is recovering very well since its last dip on the market.
Bitcoin is still officially in its upward trend, which it has followed since the start of the year, even while the cryptocurrency industry continues struggling. Even though it has corrected by 18% after peaking at about $31,000 in early April, this is quite typical. Stochastic RSI every week
A cross-up on the weekly Stochastic RSI in the high time frame is a significant indicator for Bitcoin that could occur in as little as two or three weeks. This signal is actually exhibiting bullish divergence, which can be very potent on the weekly time frame and is very close to bottoming out.
The Gaussian Channel is another signal that not many people pay attention to. This indicator is highly effective at analyzing price changes and forecasting price patterns. The data contains no misleading signals when viewed using the greater time frame of the Gaussian Channel (5 days), at least during the brief lifetime of Bitcoin.
On the 5th day in early May, the Gaussian Channel changed from red to green and is currently heading upward. This area could witness a bounce because the Bitcoin price has returned to test the channel’s top. Some say Bitcoin will surpass the USD. In these circumstances, is Bitcoin a good investment? More or less, it is a solid investment; however, note the fact that the market is ever-changing.
Although undoubtedly a good indication, this does not inevitably signal that Bitcoin’s bull market has begun. Furthermore, given the decentralized nature of the Bitcoin network and its scarcity and predictable supply, it is quite likely to surpass the dollar, given that the latter’s significant depreciation is still ongoing.
